BitMEX's native token, BMEX, lost 98% of its value after the exchange said it would permanently shut down on September 23, 2026. The announcement triggered a sell-off that erased nearly all of the token's market cap within hours.
Shutdown news sparks sell-off
BitMEX revealed plans to cease operations entirely, catching many token holders off guard. The exchange did not provide a detailed reason for the closure, but the market reacted immediately. BMEX, which had been trading at a modest valuation, saw its price collapse as investors rushed to exit.
Token's value evaporates
The 98% drop means BMEX is now worth a fraction of a cent. Trading volumes spiked briefly as holders tried to sell, but liquidity dried up quickly. The token was originally launched as part of BitMEX's loyalty and rewards program, but the shutdown announcement rendered it effectively worthless.
BitMEX has not yet outlined a redemption or compensation plan for BMEX holders. The exchange's website currently states that trading and withdrawals will continue until the shutdown date, but the token's collapse suggests little confidence in any recovery. Users are left waiting for further details on how the closure will be handled.
